i have stock of iron and steel with me in form of Non Excise Invoice i.e VAT invoice, what will happen and how much input credit will i get in GST.
SIDDHARTH NAHATA (BD) (25 Points)
26 June 2017i have stock of iron and steel with me in form of Non Excise Invoice i.e VAT invoice, what will happen and how much input credit will i get in GST.
satya
(Executive Excise)
(1839 Points)
Replied 26 June 2017
As per Sec140(3) you have to file TRAN-1 form in GST with details of your Stock,
if u provided all invoices of with 1 year, you will get full ITC, otherwise you may get 60% or 40% ITC on your stock.
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